After six months of painful correspondence and an extraordinary amount of time on the phone attempting to remove my name (release of liability) from a mortgage, Citibank has finally denied my request. The property was awarded to my ex-spouse two years ago in a divorce settlement, and this included responsibility for payments and ownership. I never knew this debt was still carried on my credit report until I attempted to buy a new home eight months ago.
Citibank claims the only way to remove my name from the mortgage is to refinance it. As I discovered, my ex-spouse had also "modified" the loan under a government program to a new rate and term from the original contract, all without my knowledge, approval, or signature. Call it what you will, but it sure sounds like a "re-finance" to me. Even though she has qualified for these new terms on her own accord, I still can't remove my name from the note.
There is no chance she will do that now with the current arrangement Citibank has provided her. I am being held financially accountable (read: hostage) indefinitely for something I didn't sign up for, and I am exposed to financial ruin should my ex ever default on the property! This scenario is not unique. I'm searching for an attorney who would like to roll this up into a class action suit.
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